They must be rich
August 4th, 2014 at 4:10:22 PM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18213 |
But they rarely have that in Manhattan, either. Sorry, I just don't buy the 'secret old money" thing. The President is a fink. |
August 4th, 2014 at 4:27:01 PM permalink | |
rxwine Member since: Oct 24, 2012 Threads: 189 Posts: 18764 |
Is true, it is vertically enhanced property. But I do think family members (especially young) can really be tempted to cash out on long held property, at least some of it, as soon as they get their hands on some of it. I think that's why trusts are often set up for them, so they can't squander assets when they aren't thinking for the long term. You believe in an invisible god, and dismiss people who say they are trans? Really? |
August 4th, 2014 at 5:39:39 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
They are been better about keeping it together in Europe. Gerald Cavendish Grosvenor, 6th Duke of Westminster still has most of the property that his ancestors assembled after the Great Fire in London in 1666. He is worth about $13 billion and is the richest peer in Britain. Gerald Cavendish Grosvenor is 10 generations from Sir Richard Grosvenor, 1st Baronet (9 January 1585 – 14 September 1645). |
August 4th, 2014 at 7:25:28 PM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 | There's a super docu on the Spencers on Netflix, Princess Diana's family. They have had the same 13,000 acre estate for 300 years and the house is incredible. Really worth a watch. Just to see the paintings. 100,000 sq ft with 31 bedrooms and 88 fireplaces. The library goes on and on and there used to be 6 libraries in the house. If you take a risk, you may lose. If you never take a risk, you will always lose. |
August 4th, 2014 at 11:56:05 PM permalink | |
1nickelmiracle Member since: Mar 5, 2013 Threads: 24 Posts: 623 | Conspiracy type, but once on Coast to coast a man was talking about secret trillionaires whom really control the world. They would have to disguise ownership somehow with many layers. Sounds too crazy, but what if it were true? |
August 5th, 2014 at 12:00:59 AM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
That's what the article I read mentioned, that these families have owned these properties for so long that real ownership is impossible to prove. It's buried in layer upon layer of lawyers and trusts and corporations. Its not a conspiracy, it's a privacy issue. If you take a risk, you may lose. If you never take a risk, you will always lose. |
August 5th, 2014 at 7:18:33 PM permalink | |
theodores Member since: Oct 28, 2012 Threads: 2 Posts: 85 | I amazed at how real estate turns into wealth. It really is probably the best way to accrue wealth. My grandfather bought some properties in suburban Cleveland, Ohio back in the 60's, my dad still manages them and they still perform well. The neighborhood has stayed desirable for decades, which is amazing. |
August 5th, 2014 at 8:19:21 PM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 | Most old EU wealth comes from land. You charge the peasants to live there and take a % of the crops they grow and sell them. That's why they swarmed to the US, you could never own land in a lot of EU countries and here you could own as much as you wanted for almost nothing. If you take a risk, you may lose. If you never take a risk, you will always lose. |
August 6th, 2014 at 12:37:00 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
The Forbes list is 1,645 billionaires with an aggregate net worth of $6.4 trillion, with 172 women on the list. No one person is over $80 billion. Why do you need trillionaires? They are a fantasy. These 1645 control enough. |
August 6th, 2014 at 6:54:10 AM permalink | |
odiousgambit Member since: Oct 28, 2012 Threads: 154 Posts: 5112 |
Actually, once you are no longer talking about your main residence, real estate is a terrible investment, some exceptions notwithstanding; my source below is just one of many. Yet I agree it has made more multimillionaires than any other investment [though I have also seen people get ruined] It's a paradox explained by the fact that you can get enormous leverage borrowing for it, like no other investment. You are even legally protected against margin calls. a source:
http://beginnersinvest.about.com/od/realestate/a/aa022407a.htm I'm Still Standing, Yeah, Yeah, Yeah [it's an old guy chant for me] |